Responding to analysis by the BBC which shows that a quarter of property in England and Wales owned by overseas firms is held by entities registered in the British Virgin Islands, Liberal Democrat leader and former Business Secretary Vince Cable said:

“These revelations demonstrate the value of having an open register of beneficial ownership of the sort I introduced as Business Secretary, which was a breakthrough in transparency.

“The reluctance of government to extend this to the British Overseas Territories has been something of a scandal. This data shows the value of obtaining such information that can reveal questionable activities hiding offshore.

“We must require British Overseas Territories to have an open register of beneficial ownership as we do here, and extend the register to cover large properties and landholdings too.

“Our cities should not be the playground of property speculators whilst normal families are struggling to find affordable homes to rent or buy.”